49-2020 - TIF for Solove Development Detroit, Parkwood, Wyandotte

Home Browse Search

Please substitute for the original Placed on 1st reading and referred to HPD 12 /21 /2 0; 2nd reading 1/4/21. Recommended for adoption by HPD 1/4/21. Bullock, Kepple, Li t t.en, Ne f f 0' Malley, Rader, Shachne ORDINANCE NO. 49-2020 By: AN ORDINANCE to take effect immediately provided it receives the vote of at least two thirds of the members of Council, or otherwise to take effect at the earliest period allowed by law, authorizing a development Agreement in connection with the development and redevelopment of certain real property in the City of Lakewood, Ohio as part of a tax increment financing program under Ohio Revised Code Section 5709.41. WHEREAS, JD SI VODE, LLC, an Ohio limited liability company (the "Developer"), or its affiliates, is actively pursuing the acquisition, development, and redevelopment of certain real property located in the City of Lakewood, Ohio (the "City"), which real property is more particularly described on Exhibit A attached hereto (the "Property"); and WHEREAS, the Developer desires to develop and redevelop the Property for a mixed - use development featuring multi -family residential, including a portion to be offered on an affordable basis, at an estimated cost of approximately $20,000,000 - $30,000,000 (the "Project"), in accordance with the terms, conditions, covenants and warranties in the Development Agreement that has been negotiated by the Developer and City attached hereto as Exhibit B; and WHEREAS, the Project will be in furtherance of the City's urban redevelopment activities, and accordingly the City anticipates providing project -based tax increment financing for the Project, to be authorized by a separate ordinance pursuant to Ohio Revised Code ("R.C.") Section 5709.41; and WHEREAS, Section 13 of Article VIII of the Ohio Constitution provides that it is in the public interest and proper public purpose for the City to support economic development and improve the economic and general well-being of the people of the City to create or preserve jobs and employment opportunities; and WHEREAS, as set forth in Section 2.12 of the Third Amended Charter of the City of Lakewood, this Council by a vote of at least two thirds of its members determines that this ordinance is an emergency measure and that it shall take effect immediately, and that it is necessary for the immediate preservation of the public property, health, and safety and to provide for the usual daily operation of municipal departments, in that this agreement should be executed as soon as possible to facilitate the project; now, therefore NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Development Agreement, substantially in the form attached hereto as Exhibit B, which Development Agreement specifies, among other things, that (A) the plans for the Project be prepared and submitted to the City for approval in accordance with all customary 15949713v1